THE VALUE OF THE VOTING RIGHT - A STUDY OF THE MILAN STOCK-EXCHANGE EXPERIENCE

被引：303

作者：

ZINGALES, L

机构：

来源：

REVIEW OF FINANCIAL STUDIES | 1994年 / 7卷 / 01期

关键词：

D O I：

10.1093/rfs/7.1.125

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I study the large premium (82 percent) attributed to voting shares on the Milan Stock Exchange. The premium varies according to the ownership structure and the concentration of the voting rights, and it can be rationalized in the presence of enormous private benefits of control. A case study seems to indicate that in Italy private benefits of control can easily be worth more than 60 percent of the value of nonvoting equity. A tentative explanation for these findings is provided.

引用

页码：125 / 148

页数：24

共 31 条

[1] BALZARINI P, 1971, DISCIPLINA GIURIDICA
[2] BALZARINI P, 1992, AZIONI SENZA DIRITTO
[3] PRIVATE BENEFITS FROM CONTROL OF PUBLIC CORPORATIONS
BARCLAY, MJ
HOLDERNESS, CG
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1989, 25 (02) : 371 - 395
[4] CASTELLINO O, 1989, BANCA NAZ LAVO, V168, P109
[5] DEANGELO H, 1985, J FINANC ECON, V14, P36
[6] TAKEOVER BIDS, THE FREE-RIDER PROBLEM, AND THE THEORY OF THE CORPORATION
GROSSMAN, SJ
HART, OD
[J]. BELL JOURNAL OF ECONOMICS, 1980, 11 (01): : 42 - 64
[7] ONE SHARE ONE VOTE AND THE MARKET FOR CORPORATE-CONTROL
GROSSMAN, SJ
HART, OD
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1988, 20 (1-2) : 175 - 202
[8] CORPORATE-CONTROL CONTESTS AND CAPITAL STRUCTURE
HARRIS, M
RAVIV, A
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1988, 20 (1-2) : 55 - 86
[9] THE VALUE OF THE CORPORATE VOTING RIGHT - EVIDENCE FROM SWITZERLAND
HORNER, MR
[J]. JOURNAL OF BANKING & FINANCE, 1988, 12 (01) : 69 - 83
[10] THE MARKET VALUE OF CONTROL IN PUBLICLY-TRADED CORPORATIONS
LEASE, RC
MCCONNELL, JJ
MIKKELSON, WH
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1983, 11 (1-4) : 439 - 471

← 1 2 3 4 →